Study: Lawmakers heavily invested in defense companies

[undeterred]

Apr 3, 2008 4:33 PM (1 day ago) By ANNE FLAHERTY, AP
WASHINGTON (Map, News) - Members of Congress have as much as $196 million collectively invested in companies doing business with the Defense Department, earning millions since the onset of the Iraq war, according to a study by a nonpartisan research group.

The review of lawmakers' 2006 financial disclosure statements, by the Washington-based Center for Responsive Politics, suggests that members' holdings could pose a conflict of interest as they decide the fate of Iraq war spending. Several members earning money from these contractors have plum committee or leadership assignments, including Democratic Sen. John Kerry, independent Sen. Joseph Lieberman and House Republican Whip Roy Blunt.

The study found that more Republicans than Democrats hold stock in defense companies, but that the Democrats who are invested had significantly more money at stake. In 2006, for example, Democrats held at least $3.7 million in military-related investments, compared to Republican investments of $577,500. Overall, 151 members hold investments worth $78.7 million to $195.5 million in companies that receive defense contracts that are worth at least $5 million. These investments earned them anywhere between $15.8 million and $62 million between 2004 and 2006, the center concludes.

It is unclear how many members still hold these investments and exactly how much money has been made. Disclosure reports for 2007 aren't due until this May. Also, members are required to report only a general range of their holdings. According to the report, presidential hopefuls Barack Obama and John McCain did not report any defense-related holdings on their filings; Hillary Rodham Clinton did note holdings in such companies as Honeywell, Boeing and Raytheon, but sold the stock in May 2007. All three are members of the Senate.

more at http://www.examiner.com/a-1319032~Study__Lawmakers_heavily_invested_in_defense_companies.html

[hedgehog]

1. One wonders if Senator Clinton sold her stock before or after

directing contracts to these companies! It was a two-fer, she got to calim that she was bringing money and jobs into New York State!

[no_hypocrisy]

2. Why isn't it a conflict of interest for a lawmaker with defense-related holdings

to vote for military action or do nothing to prevent it?

[HereSince1628]

3. Don't lawmakers usually hand-off the management of their investments

in order to prevent the appearance of impropriety?

Wasn't the question of whether that had happened at the center of the stink about Frist?